MIAMI-Index funds beating active managers and mutual fund costs rising are just two of numerous misconceptions about the industry that Paul G. Haaga, Jr., vice chairman of Capital Research and Management, addressed last week in his "Revisiting Conventional Wisdom About Mutual Funds" keynote speech at The National Investment Company Service Association's 25th Anniversary Annual Conference & Expo here.

There are many critics of the industry, and "we all need critics, but it is only useful when we do not blindly accept what they say," Haaga said.

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